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what are the concepts & conventions of accounting?
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Answer Posted / g.d.anjaneyulu
Accounting concepts define the assumptions on the basis of
which financial statements of a business entity are
prepared. The following are the widely accepted accounting
concepts.
1. Entity concept.
2. Money measurement concept.
3. Periodicity concept. also called definite accounting
period.
4. Accrual concept.
5. Matching concept.
6. Going Concern concept.
7. Cost concept.
8. Realisation concept.
Accounting Conventions emerge out of accounting practices
commonly known as accounting principles, adopted by various
organizations over aperiod of time. The accountancy bodies
of the world may change any of the convention to improve
the quality of accounting information.
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